HI5002 Assess the Financial Position and Financial Performance of the
The group is required to study, undertake research, analyze and conduct academic work within the areas of business finance covered in learning materials 1 to 10 inclusive. The assignment should examine the main issues, including underlying theories, implement performance measures used and explain the firm financial performance. Your group is strongly advised to reference professional websites, journal articles and text books in this
assignment (case study).
Required:
This assessment task is a written report and analysis of the financial performance of a selected company “WOOLWORTHS” in order to provide financial advice to a wealthy investor. It will be based on financial reports of a listed company on the ASX . This assignment requires your group to undertake a comprehensive examination of a firm’s financial performance and must be submitted by Week 10
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STAGES TO BE COMPLETED | |
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Create your group’s “business name” under which your group will be providing the financial advisory services. Choose a company that your group will investigate/analyse for the purposes of possible recommendation to your client. The group should obtain all information about the selected company from this web site: Please note: Each group can only choose 1 company and once the company has been chosen, the other group can not choose the same company (in other words, the latter group has to choose another company that hasn’t been chosen by other groups). First come first served rule applies here, it means let your lecturer knows asap which companies your group want to discuss, your lecturer can check whether your chosen companies are still available or not and finally register your chosen company with your Lecturer Your group MUST: Ø Obtain a copy of the last Financial Statements including Income Statements, Balance Sheets, Statement of Changes in Equity, Cash Flows Statements and Notes. Your group can downloaded these documents from the suggested web site using the firm’s code (example, BHP- for BHP Billiton Company, etc). (Part 1 to 10) |
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1 |
A description of the company (Part 1) |
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2 |
Identify your company (in terms of the ownership-governance structure) (Part 2 i & ii) |
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3 |
Calculation of Performance Ratios (Part 3 i, ii and iii) |
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4 |
Two graphs from (Part 4 i & ii) |
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5 |
Identify any significant factors which may have influenced the share price of your company. (Part 5) |
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6 |
Calculation of ’ beta values and expected Rates of Return using the CAPM (Part 6 i, ii & iii) |
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7 |
Weighted Average Cost of Capital (WACC) (Part 7 i & ii) |
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8 |
Using the debt ratios for your company over the past two years, emphasise any improvement towards the maintenance of a preferred optimal capital structure. (Part 8 i & ii) |
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9 |
Dividend Policy (Part 9) |
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10 |
Letter Recommendation (Part 10) |
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11 |
Formal structure (Part 1 to 11) |
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Final Submission of Complete Assignment on Blackboard (Week 10) |
Your group is an investment adviser, working to build a foundation of wealth for your clients. One of your wealthiest clients already has a diversified portfolio, which includes managed funds, property; cash/fixed interest and a few direct share investments in Australia and around the world.
The assignment is a written comprehensive report and analysis of the firms’ financial
performance (including referencing).
Your group is required to do the following tasks:
100 marks
- Prepare a brief description of the company, outlining the core activities, the market(s) in which it operates within and any factors in the companies’ history which you consider help present a “picture” of your company.
- Specify ownership-governance structure of the company:
- i) Name the main substantial shareholders:
4 marks
Ø With higher than 20.00% of shareholdings. Based on this argument you should classify a firm as a family or non-family company, and Ø With higher than 5.00% of shareholdings.
- ii) Name the main people involved in the firm governance:
Ø The Chairman Ø Board members Ø CEO. 3 marks
o Whether any of these people have the same surname as any of substantial shareholders (>20% share capital). If yes- you could use this as an argument for the presence of an owner or family member(s) in the firm’s governance. o Whether any of shareholders with more than 5% share capital are involved in firm governance. 3 marks
- Calculate the following Fundamental Ratios for your selected company for the past 2 years. Annual reports are accessible via company websites:
- Short term solvency (Liquidity ratios)
- Long term solvency (Financial Leverage ratios)
- Asset utilization (efficiency or turnover ratios)
- Profitability ratios
- Market value ratios 20 marks
- Using the information from the ASX website:must complete the following tasks:
- i) Prepare a graph / chart for movements in the monthly share price over the last two years for the company that you are investigating. Plot them against movements in the All Ordinaries Index. 6 marks
- ii) Write a report which compares movements in the companies’ share price index to the All Ords Index. For instance, how closely correlated is the line with the All Ords Index. Above or below? More or less volatile?
- Research via the internet or financial/business publications: 6 marks
From research via the internet (using credible sources) or financial/business publications, note any significant announcements which may have influenced the share price of your company. These factors could include merger activities, divestitures, changes in management’s earnings forecasts, changes in analysts’ forecasts, unusual write-offs or abnormal items, macroeconomic factors, industry wide factors, significant management changes, changes in the focus of the company, impact of competitors or law suits etc. (Restrict the number of announcements to 5). 10 marks
- Go online to type in the code for your company into the Search Stocks field and click on the magnifying glass button.
- i) What is their calculated beta (β) for your company?
2 marks ii) If the risk free rate is 4% and the market risk premium is 6%, use the Capital Asset Pricing Model (CAPM) to calculate the required rate of return for the companies’ shares. 4 marks
iii) Is the company you have chosen a “conservative” investment? Explain your
answer.
2 marks 7. Weighted Average Cost of Capital (WACC)
- i) Using information from the latest company report for the company (i.e. interest rate on their major source of long-term loans) and the estimated cost of equity capital calculated (in part 6ii above), calculate the WACC for your company.
6 marks ii) Explain the implications that a higher WACC has on management’s evaluation on prospective investment projects.
4 marks
- Consider the debt ratio for your company over the past two years:
- i) Does it appear to be working towards the maintenance of a preferred optimal capital structure? (i.e., does it appear to be “stable”?). Explain your answe
4 marks ii) What have they done to adjust/amend their gearing ratio? Increase or repay
borrowings? Issue or buy back shares? Has the Director’s Report given any
information as to why they have made any adjustments?
Dividend policy
4 marks 9.
Discuss what dividend policy of the management of the company appears to be implemented. Explain any reason related to that particular dividend policy.7 marks
- Based on your analysis above, write a letter of recommendation to your client, providing an explanation as why you would like to include this company in his/her investment portfolio. Please refer to the ratio results calculated earlier and any other trends or factors that you believe to be important.
- Formal structure and referencing. 10 marks
Total = 100 Marks
GENERAL REQUIREMENTS
- The report must have an academic written structure including an introduction, body and conclusion.
- This assignment must be completed IN Group.
- Use numbers in the body of the report (e.g., “5. Research via the internet”).
- Provide an explanation on each of these issues (points) and explain how they confirm the underlying theory, particularly related to the ownership, financial measures, risk-return, capital structure and dividend policy.
- You are required to submit the assignment on Blackboard
- Please ensure the final submission self check (plagiarism check is not over 30%)
Presentation of written work
- Please submit your group assignment on time (Week 10).
- Please make sure that your group member’s name and surname (student ID), subject name, and code and lecture’s name are written on the cover sheet of the submitted assignment.
- You are required to use Times New Roman font, size 12 with 1.5 line spacing.
- Please insert page numbers into your assignment.
- Please use 3 cm margins.
- Submitted work should be your original work showing your creativity.
- Always keep an electronic copy until you have received the final grade for the
Unit.
A high standard of work is always expected, so poorly presented work may be returned unmarked with a request to re-submit.
Rules apply for electronic submission. When you submit your assignment
electronically, please save the file as ‘Assessment Task 1.doc’.
Referencing
When writing your assignments, a reference must be included every time you use someone else’s ideas or information. In-text referencing of ALL sources, whether academic books, journal articles, newspaper articles, material from the Internet etc., must be cited in the main text of the assignment itself. Harvard Style referencing is required for this assignment.
A reference must be included when you:
- Paraphrase (express someone else’s idea in your own words).
- Quote (express someone else’s idea in their exact words).
- Copy (financial statement, reproduce a diagram, graph or table from
someone else’s work).
Example:
Titman, S., Martin, T., Keown, A.J., Martin, J.D, Financial Management: principles and applications, 7th Edition, Pearson Education, Melbourne, 2016, Australia.
Halili, E, Saleh, A and Zeitun, R (2015), 'Governance and Long-Term Operating Performance of Family and Non-Family Firms in Australia', Studies in Economics and Finance, vol.32, no.4, pp.398-421.
Plagiarism, collusion and cheating
Holmes Institute regards most seriously any act of dishonesty in assessments such as plagiarism, collusion, cheating, re-submission of previously marked work in different units, examination misconduct and theft of other students’ work.
In short:
‘Plagiarism’ means to take and use another person’s ideas and pass these off as your own by failing to give appropriate acknowledgement, that is, not indicating by referencing that the ideas expressed are not your own.
‘Collusion’ (or unauthorised collaboration) means joint effort in preparing material submitted for assessment, between students or others, except where this has not been approved by the lecturer in charge of the unit.
‘Cheating’ means to obtain an unfair advantage in an examination or in other written or practical work required to be submitted or completed by a student for assessment. If the passing off was done intentionally, you have cheated; if it was unintentional, the offence you have committed is the academic misdemeanour of failing to reference a source correctly.
Answer:
Financial management of an organization is done by the financial department of an organization. In the report, financial management process of Woolworths has been evaluated. In the report, firstly, the description about the company has been given. Further, the structure of the ownership and the stakeholders has been evaluation. In order to assess the financial position and financial performance of the company, performance ratios of the company have been evaluated. The stock price of the organization has also been evaluated to recognize the market place of the company. Lastly, the WACC, divided policy and debt ratios of the company has been calculated to measure the performance of the company.
Description of company:
Woolworths limited is an Australian company. The company is registered in the Australian stock exchange. The symbol ticket of the company is “WOW”. The company is operating its business in the retail industry of Australia. It has been established in 1924 by 5 founders Percy Christmas, Stanley Chatterton, Cecil Scott Waine, George Creed and Ernest Williams. The current headquarter of the company is in New South Wales, Australia. Mainly, the company is serving its services in Australia, New Zealand and India (Home, 2018). The annual report (2017) of the company explains that the total number of employees of the company is 2,05,000. The main divisions of the business are petrol, liquor, supermarkets, home improvements, general merchandise, hotel and gambling etc. The net income and net profit of the company is $ 55669 million and $ 1534 million in 2017.
- Ownership governance structure:
Ownership government structure of a business explains about the system of rules, processes and practices which is used by the companies to control and direct the process of the company. Corporate governance involves essentially in balancing the company’s interest in managing the stakeholders of the company such as management, shareholders, customers, suppliers, government, financiers and community. In case of ownership structure, the shareholders interest in an organization is evaluated. The ownership governance structure is as follows:
- Main Substantial stakeholders:
Annual report (2017) of Woolworths limited explains that only one shareholder have more than 20% interest in the total stock of the business. The main stockholder of the company is HSBC Custody Nominees (Australia) limited which has 22.22% ownership in the business. It is a company which is not directly related with the operations and the people of the company.
In addition, it has been identified that 4 stockholders are there in the organization who has more than 5% ownership in the total stocks of the Woolworths. Moreover, the balanced stockholder of the company which are 16, have less than 5% ownership into the stock of the company
- Main people:
- Gordon Cairns is the chairman of the Woolworths. The chairman is the person who handles all the activities and the legal services of the company.
- Gordon Cairns, Brad Banducci, Jillian Broadbent, Holly Kramer, Siobhan McKenna, Scott Perkins, Kathee Tesija and Michael Ullmer are the BOD member of Woolworths.
- Brad Banducci is the chief executive officer of the company.
- There is only one stockholder of the company who is not directly related with the operations and the people of the company (AFR, 2018).
- Further, it has been found that the top 4 stockholder who has more than 5% ownership of the company are not among the key members of the company.
- Performance Key ratios:
Ratios are the tool of an organization which explains about the financial performance of an organization. Ratio study is evaluated by the financial analyst and the financial manager of the company to measure the performance of the organization so that the relevant changes could be done in the organization for the betterment of the business.
In the report, performance key ratios of Woolworths have been evaluated to measure the performance of the company. Short term solvency position, asset utilization position, profitability ratios, long term solvency position and market value ratios have been calculated to measure the performance of an organization. The performance ratios of the company are as follows:
- Short term solvency position:
Short term solvency ratios of a business express about the short-term debt obligation of the business. It evaluates that whether the organization is able to meet all its short term debt obligation of the company at the time of liquidation. This ratio measures the liquidity position of an organization.
In case of Woolworths, current ratio and acid test ratio have been calculated to measure the short term solvency position of the business. Current ratio measures the current assets and current liabilities of the company to measure that whether the company would be able to meet all its short term debt obligation according to the current assets. The current ratio of the company briefs that the current ratio level of the company has been lowered in 2017 to 0.79. It express that the organization is required to improve the level of current assets to administer the risk position (Hogarth and Makridakis, 2011).
Further, quick ratio measures the liquidity position of an organization on the basis of quick assets of the company. It measures that whether the company would be able to pay all the current liabilities on the basis of those assets which could be liquidated at any times. The acid test ratio of the business explains that company’s position has been better from last year. However, the organization is still required to administer the liquidate position through increasing the level of current assets of the company.
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Liquidity Ratios |
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2017 |
2016 |
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Current Ratio |
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Current Assets / |
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6,994 |
7,427 |
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Current liabilities |
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8,824 |
8,993 |
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Answer: |
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0.79 |
0.83 |
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Acid test ratio |
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Current Assets - Inventory / |
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2,914 |
2,869 |
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Current Liabilities |
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8,824 |
8,993 |
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Answer: |
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0.33 |
0.32 |
- Long term solvency position:
Long term solvency ratios of an organization express about the long term debt obligation of the company. It evaluates that whether the organization is able to meet all its long term debt obligation of the company at the time of liquidation. This ratio measures the capital structure position of an organization (Higgins, 2012).
In case of Woolworths, gearing ratio and interest coverage ratio have been calculated to compute the long term solvency position of the company. Gearing ratio measures the level of long term liabilities of an association on the basis of capital employed of the business. The gearing ratio of the organization briefs that the long term liabilities of the company have been lowered in context of the total capital in 2017in context with 2016. It express that the company is required to enhance the level of long term liabilities to manage the cost position as well as the long term solvency position of the company.
Further, interest coverage ratio measures the long term solvency position of an organization on the basis of earnings before interest and taxes and net finance cost of the company. It measures that whether the company would be capable to pay the entire interest amount on the basis of its EBIT. The interest coverage ratio of the organization depicts that the company’s position has been improved from last year. However, the company is still requisite to increase the debt amount to administer the capital structure of the company.
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Capital Structure Ratios |
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2017 |
2016 |
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Gearing ratio |
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Long term liabilities / |
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4,566 |
6,039 |
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Capital employed |
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14,092 |
14,509 |
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Answer: |
% |
0.324 |
0.416 |
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Interest Coverage Ratio |
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EBIT / |
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2,132 |
1,360 |
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Net Finance Costs (used net interest expense) |
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194 |
246 |
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Answer: |
times p.a |
10.99 |
5.53 |
Asset utilization:
Asset utilization ratios of an organization express about the efficiency and effectiveness of the company in context with managing the resources of the company. It evaluates that whether the company is able to manage all its daily activities and operations in the minimum working capital (Gibson, 2011). This ratio measures the efficiency position of an organization.
In case of Woolworths, inventory turnover, trade payable payment period ratio and receivable turnover ratio have been calculated to measure the efficiency position of the company. Inventory turnover measures the total time period in which the inventory would be ordered by the company again. The inventory turnover ratio of the company briefs that the inventory of the company would be turned back in 37.47 days which has been lowered in last 2 years (annual report, 2017). It express that the company is required to invest less money is inventory as the inventory would not be hold back for the company for longer period.
Further, receivable turnover and payable turnover days measure the efficiency position of an organization on the basis of its policies to manage the resources and the efficiency position of the company. The trade payable payment period ratio of the company explains that the payment days of the company have been enhanced and now the less working capital is required by the company. Further, the receivable turnover days of the company has also been lowered which explains about huge working capital requirement.
On the basis of the above analysis and below table, it has been recognized that the performance of the company is competitive. Company is managing all its resources in lesser working capital and thus the efficiency position of the company is quite competitive.
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Asset Efficiency Ratios |
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2017 |
2016 |
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Trade payable payment period ratio |
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Accounts payable/ |
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5,068 |
4,809 |
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Cost of sales |
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39,740 |
42,677 |
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Answer: (note the above needs to be x 365) |
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46.55 |
41.13 |
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Inventory Turnover (days) |
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Average Inventory / |
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4,080 |
4,558 |
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Cost of Sales |
# days |
39,740 |
42,677 |
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Answer: (note the above needs to be x 365) |
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37.47 |
38.98 |
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Receivables Turnover (days) |
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Average trade debtors / |
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410 |
434 |
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Sales revenue (note used operating revenue) |
# days |
55,669 |
58,276 |
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Answer: (note the above needs to be x 365) |
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2.69 |
2.72 |
Profitability ratios:
Profitability ratios of an organization express about the profit generation capabilities of the company. It evaluates that how the company is performing in the market and how much profit is generated by the company according to the available resources of the company. This ratio measures the profitability position of an organization (Koller, Goedhart and Wessels, 2010).
In case of Woolworths, return on capital employed (ROCE), gross profit margin (GM) and operating profit margin (OM) have been calculated to measure the profit generation capability position of the company. Return on capital employed measures the operating profit and capital of the company to measure that how much profit could be generated by the company on the basis of the available resources. The profitability ratio of the business briefs that the profit ratio level of the company has been improved in 2017 from 9.13% to 15.13% (Morningstar, 2018). It expresses that the profit position of the company is quite competitive.
Further, gross profit margin (GM) and operating profit margin (OM) evaluates the gross profit and operating profit of an association on the basis of sales turnover of the company. It measures that how much profit is generated by the company on the basis of its revenue. The gross profit margin ratio of the business explains that the position of the company has been better from last year as well as the operating profit margin ratio of the company has also been improved.
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Profitability Ratios: |
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2017 |
2016 |
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Return on Capital employed |
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Operating profit / |
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2132 |
1360 |
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Capital employed (total assets - current liabilities) |
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14,092 |
14,509 |
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Answer: |
% |
15.13% |
9.37% |
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Gross Profit Margin |
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Gross profit / |
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15,929 |
15,599 |
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Sales Revenue (note used operating revenue) |
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55,669 |
58,276 |
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Answer: |
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28.6% |
26.8% |
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Operating profit margin |
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Operating profit / |
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2,132 |
1,360 |
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Sales Revenue |
% |
55,669 |
58,276 |
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Answer: |
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3.83% |
2.33% |
- Market value ratios:
Market value ratios of an organization express about the market position of the company. It evaluates that how the company is performing in the market and what is the total worth of the company in the market. This ratio measures the investment and market position of an organization (Kaplan and Atkinson, 2015).
In case of Woolworths, Earnings per share and dividend coverage ratio have been calculated to measure the market position of the company. Earnings per share ratio (EPS) measures the net income and weighted average share outstanding of the business to measure that how much earnings have been generated by the company per shareholders. The Earnings per share ratio of the business brief that the EPS level of the business has been improved in 2017 to 1.195 (Yahoo Finance, 2018). It expresses that the company managing a great position in the market.
Further, dividend coverage ratio measures the net income of an organization on the basis of total dividend amount of the company. It measures that how much dividend are paid by the company from the net income of the company (Reuters, 2018). The market value ratio of the business explains that the company’s position has been improved from last year.
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Market value Ratios |
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2017 |
2016 |
2015 |
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Earnings per share |
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Net income |
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1,534 |
-1,235 |
2,146 |
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Weighted average shares outstanding |
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1,284 |
1,264 |
1,257 |
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Answer: |
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1.195 |
-0.977 |
1.707 |
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Dividend coverage ratio |
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Net income / |
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1,534 |
-1,235 |
2,146 |
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Dividend paid to shareholders |
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562 |
1,217 |
1,567 |
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Answer: |
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2.730 |
-1.015 |
1.369 |
The calculation briefs that the covariance among both the stock price movement is 0.007 which explains that the covariance among both the stock are quite competitive. The movement in the stock price of both the stocks explain that the volatility of the stock is quite higher and the changes into the stock price of WOW directly affect the stock price of AORD.
- Significant factors:
For identifying the busines performance and the fianncial position of WOW, various nws articles, fianncial analyst report, jounral articles and recente books have been studied. On the basis of these study material, it has been found that the stock price of the company is highly volatile in nature in last 2 years. Currently, the stock price of the company is $ 28.74 which has been higher from $ 19.1 in 2016. Howvere, the various ups and downs have come into the stock price of the company in last 2 years.
Such as, on 30-4-2017, the WOW stock price has been lower due to the chnages into the economical factors (FT, 2018). Further, it has been recognized that on 30-9-2017, the stock price of the company has been enhnaced by 5.59% due to the announcement of the dividend amount in the market (AFR, 2018). Further, on 31-1-2018, the stock price of the company has been enhanced by 5.45% and the AORD prices have been lowerd by -0.48% which has taken place due to few internal chnages into the company (Bloomberg, 2018). In adiition, it has been found that all of these movements have taken place due to continuos chnages into the internal and external factors of the industry (Yahoo finance, 2018).
- Calculation of CAPM and beta values:
Beta:
Beta of an organization explains about the risk position of the company in context with the market index. In case of Woolworths, the beta of the company is 1.235.
Required rate of return:
Further, the cost of equity of the business has been measured which is 6.84%.
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Calculation of cost of equity (CAPM) | |
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RF |
2.41% |
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RM |
6.00% |
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Beta |
1.235 |
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Required rate of return |
6.84% |
(Morningstar, 2018)
Conservative company:
On the basis of the above evaluation, it has been found that the risk of the company is 1.235 and the return from the stock of the company is 6.84%. It explains that the company is a conservative business as the risk of the business is lower than the return of the company. The association is a good choice for the investment.
- WACC calculations:
- WACC calculations of the company are as follows:
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Calculation of WACC | ||||
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Price |
Cost |
Weight |
WACC |
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Debt |
2,775 |
3.50% |
22.56% |
0.0079 |
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Equity |
9,526 |
6.84% |
77.44% |
0.05299 |
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12,301 |
Kd |
6.09% | |
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Calculation of cost of debt |
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Outstanding debt |
2,775 |
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interest rate |
5.00% |
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Tax rate |
30.0% |
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Kd |
3.50% |
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Calculation of cost of equity (CAPM) |
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RF |
2.41% |
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RM |
6.00% |
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Beta |
1.2347 |
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Required rate of return |
6.84% |
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Implication on WACC:
The calculation brief that the WACC of the company is 6.09% out of which 3.5% is the total cost of debt of the business and the cost of equity of the business is 6.84%. It explains that if the company is planning to invest into any new project than the internal rate of return of the project must be higher than 6.09%. Only in that situation, company would be able to generate the profits.
- Debt ratios:
Optimal capital structure:
Optimal capital structure of an organization is the position where the risk and cost of the business could be lower. According to the calculations on the debt ratios of the business it has been found that the debt ratios of the company have been lowered from last year. The changes express that the capital structure of the business is not stable. Further, it also explains that the debt level of the business has been lower by a great level.
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2017 |
2016 |
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A. |
Debt Ratios = |
Total Liabilities/ total assets |
Total Liabilities/ total assets |
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13390/22916 |
15032/23502 |
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58.43% |
63.96% |
Gearing ratios:
Gearing ratio also briefs about the total liabilities in context with the total capital. Gearing ratio of the business has been enhanced which says that the borrowings of the business has been lower and the directors have explained that they would reduce the level of risk by a great level so that the profit of the company could be used at right place annual report, 2017)
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2017 |
2016 |
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B. |
Gearing ratios = |
Total Liabilities/ Capital employed |
Total Liabilities/ Capital employed |
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13390/(22916-8824) |
15032/(23502-8993) |
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95.02% |
103.60% |
In addition, it has been identified that the company has announced a lower amount of dividend in 2017 in context with the 2016. The amount of dividend has been lowered by the company to enhance the retained earnings for the future investment of the company. It explains that the Woolworths are following the relevant dividend policy, this policy explains that the company should pay a great amount of dividend to attract them towards the investment in the company (Annual Report, 2018). Company is following the same. However, few amounts is kept by the company for the retained earnings in order to manage the funds for future investment.r
recommendation and Conclusion:
To,
Client.
Subject: Recommendation about investment
Date: 15 May 2018.
Dear Client,
This letter is to inform you about your enquiry regarding the Woolworths and the investment into the company. According to the research and evaluation, it has been identified that the Woolworths is performing well in terms of financial activities as well as non financial performance of the company is also good. The balance in the risk and return of the stock of the company is also good. Hence, Woolworths is a good option for the purpose of investment.
Thus, it is recommended to you to make an investment into Woolworths for better position of the return.
References:
Home. 2018. Woolworths Limited.
AFR. 2018. Woolworths Limited.
Annual report. 2018. Woolworths Limited.
Bloomberg. 2018. Woolworths Limited.
- 2018. Woolworths Limited.
Gibson, C.H., 2011. Financial reporting and analysis. South-Western Cengage Learning.
Higgins, R.C., 2012. Analysis for financial management. McGraw-Hill/Irwin.
Hogarth, R.M. and Makridakis, S., 2011. Forecasting and planning: An evaluation. Management science, 27(2), pp.115-138.
Kaplan, R.S. and Atkinson, A.A., 2015. Advanced management accounting. PHI Learning.
Koller, T., Goedhart, M. and Wessels, D., 2010. Valuation: measuring and managing the value of companies (Vol. 499). john Wiley and sons.
Madura, J., 2011. International financial management. Cengage Learning.
Morningstar. 2018. Woolworths Limited.
Reuters. 2018. Woolworths Limited.
Yahoo Finance, 2018. Woolworths Limited.
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